| Show ANOTHER WEEK OF LIQUIDATION Since the Opening of the Year The Shrinkage in Values Has Been Huge v V THERE IS NO PANIC HOWEVER Nit Serious lIn Yet Vet B ell Noted oled On Ott Wall Is In II Special Correspondence Corre Now York Aug AU 17 liWe Wo have hae had an nn another another other week of ot und drastic II Since the opening of ot the thero there has hils ben be n a II shrinkage In itt values estimated nt at approximately s 1 That such a II shrinkage In a L little over oer seven months month rould take hilao on the Now New York stock exchange without bringing on panic und tind universal disaster Is beyond and hud hid any ally prophet the tho Lure furu sight or 01 the tho COurage to havo haO predicted such uch results lust last December ho he would have bern hOIn treated as ns a 11 subject tit lit tar tor torme me tHe asylum Nevertheless tile the th fact IC re true that Wall Villi street streel han ban en lured a shrinkage III In values tar far ex ox ceding that of oC any panic anie on record and this thU without any serious I thus far tar The fhe filet fact that these bases losse have bare hn ve been beon endured without disaster Is I remarkable testimony ot of In Inthe it the thie financial situation Losses hav Iia fallen upon those best besl able nulo to bear then them antS and the tho causes arc are now begin beginning ning to IX ba e clearly understood len Gen General oral eral excesses such us as the overextension sion slon iio of ot credit lue of or securities tad ind have hae been the tho main ind aud tho Iho natural reasons for tor recent re rc Of Ot course with the market In Ina Inu a u condition Investors ind oll speculators alike ahik are naturally more or less frightened nt at the tho anti antl crusade There have Ilave been sonic somo rather Indiscreet official utter inces concerning the governments pol itOh policy policy icy cy In prosecuting corporations and nd the tho feeling reeling displayed In many if lC the tho states Is naturally disturbing at this titis time Nothing however that tha th administration could have said or done at this time could have checked 1 the re reo recent reCent cent downward movement Liquida Liquidation Ion tion from tram natural causes was vas It H las has been predicted In these thesa ad advices advices vices Ices for tor months past post ns as the tho only means mans of at righting thc the monty money and sc so markets Whether the euro cure Is or not hiot remains to t be seen It Is doubtful It liquidation has yet et run Iun Its full tull course courM and If It not still sUII ower prices must mUll be he anticipated nl al albough hough bough we may have ha e a II fair tn II temporary recovery REMEDY FOR FOIt LAW BREAKERS The remedy for tor corporation law lats lawbreakers breakers eakers b Is IA punishment by Imprison Imprisonment ment ot of the guilty Individuals con can connected therewith If I the tho government nd ad state officials will wi announce this is lS their future policy pole confidence can lid en co will wi V at once return r tur to tn the stock tock market and securitIes be bo In for tor Investment Corporations whoso whose h officials are arc found guilty should also aln 1 bo be taxed for tor or nib all al le Ie leal hoal al fees teel Ind court expenses Big Dg mono mon mony y fobs fines fall V mostly upon Ulon Innocent stockholders who ho have Ine had nothing whatever to do ulo with wih tho the wrong Tong acts acta thence big tines fines as asa a penalty depreciate V nines aloes as ns they the threaten confiscation chile Imprisonment In place thereof thereat will wi advance c them as lS It puts puta them on oni ona i a more moro und and honest basis bash RATES HATES STILL HIGH mal Rates for tor or time money arc still sti very vcr high and a f further contraction c rl In spec speculative lathe loans seems Imminent Very Ver Vermon oon mon tho the demands of at the Interior for tor or purposes es will assort them themselves selves elyes The crop movement thin year li in II late but bul these demands must mu t he lie faced just the tho same The advance In the Hank of or England rate to 10 4 per cent centis Is hit Isn hita n a symptom of ot conditions on oil the other oilier side niche Ilde and n a warning warIng that we cannot expect the help hell hell In iii that tInt quarter that wo na n have obtained the last two or three years Stringency In 11 i money mane Is world worldwide wide tid for tor or the Bamo reasons that thal exist here anti liquidation has been boon morn more drastic In the United States because speculation and overdoing have haye been carried to I greater granter excess Ip In this thin coun country country try lr than elsewhere It can scarcely he be Imagined that the blow which has fal fallen len ion upon Wall t will wi not no affect general business bu lne With the heavy losses loses which have havo fallen upon wealthy men Uteri and anil large corporations there must lust follow n a 0 sharp contraction In now new en enterprises enterprises and Improvements lit hut lt one onetime onetime time thought necessary will wilt bo ho In Indefinitely indefinitely definitely postponed This Inevitably meant means a U lessened demand for tor or materials and labor Prices are already yield yielding ing on some Rome manufactured products pr owing to tho tim falling ailing oft off or In demand It J remains to be seen scout what will wi be he the attitude of nt labor If It n a business reaction realty really realy sets sels In There Thero are no Immediate Indications however of at any art an general re recession recession recession cession Trade IN ha Ii still sll active In the ito Interior and Ind the fact that the masses arc well wel employed o 1 pI at nt good wages en cit encourages encourages the te hope of ut n a largo large consumptive live tive IYO demand for tor nil all ni time the ordinary no noce ce of or life lite The fht demand for tor tho the luxuries will wi of at course coure be curtailed Much will wil depend upon tho the Inal out outturn outturn outturn turn ot of the tia crops Thus fir far tho thu pros prospects have been heen fairly encouraging and amid aI teem sure of oC profitable prices pries hut but two of our most Important crops colls cotton ulton and corn arc nt at II least two tio weeks late Inte and Ind an nut on early earl frost such as ns might mule serious Injury Is II still sti to tobo tobo tobe bo be regarded as IS one on of at the possibilities SITUATION Tho The railroad situation la Is I somewhat Our roads continue to tl alloW largo gross earnings and an abundance of ot traffic rue latter later how however hower hio ever er lu iii II noticeably bl less lesl pressing than bait u it I year ago ngo Ind most of the lie rOO lIs are beginning to iii seriously feel eel tell tho the great increase in iii expenses duo dlo to the tho re recent recent cent concessions made mado to 10 labor Dur During Du ing Imig hi the first six nix mal thY ot of tho the year car tile the gros of or the tho New Nel York Central Increased over oler or Ir Irn bout about n 9 0 percent while expenses In itt Increased creased or over ocr 20 25 per cent tho the result being that hunt net earnings fell Cel oft off oc compared with wih limo tho salute Kami hil year clr nf mt lt 1 1906 06 AH Am n a n result It II IN is that tilt this the company com only earned about of oC tIm tho 3 per Or cent dond payable for tor or tho the first half built year On fond the th gross earnings Increased Jut In the first months nf at o the list year lar hut but owing awing to 10 lists thu enormous in operating ex cx expenses exp valises p S Il the net nel earnings Increased only in Tn view of ot the tho Increased which railroad been obliged to assume on Oi account of ot new note nole alit capItal Issues It will wi be he fen hunt th Ili tl 9 financial outlook I tram from tho the raIlroad point of at view Iel Is 18 not nol very cry ery sat The forces Dress ore are Ao at It lork In all I purls parts of the tho Ihl country and andIC If it the profits of ot these Ho two lien rail mi musts 11 hOcus been so to threat ne what Is th the nn tin other railroad In lii other of ot lie lite tl country it Is true that many nf or O our Olt securIties are now sellIng Belling nt nl such very cry low lol prIces ai u to fully tuly ills din discount count possible reductIons reduction In Ill II divi dividends lel but the tho latter l ler question h has not yet seriously OUTLOOK The Tho outlook for tor the tho nurU t U Is till still factory Prices tIre are lre very low 11 and there thero nrc lre plenty of nr stocks Which are ro really very cheap from lisa Investors point of ot vIew The Tho monetary r situation however has lion not nol yet et fully rull righted Itself anti further liquidation seems moro than probable inter intervening intervening rallies of ot morn Inora or less II Such being the lie caco 1 it II Is in inadvisable Into advisable to go o too heavily Into debt Saturdays bank statement ought to show a n considerable contraction of ot loans ns at a 1 result of ot recent liquidation Should the Ih money situation become acute Secretary Cortelyou 01 no to I doubt aid the tho money market to the ex extent eXtent tent of ot about but while call can money noney mOle continues ns as S abundant and all ns at easy ns nit ni nt nl present pre elit there thero Is no 10 necessity ally sity sly for tor Immediate action acton A consid considerable erable short Interest will wi naturally at times be created and the thA th market in lu inconsequence Inconsequence consequence will wi frequently be he In a position for tor occasional sharp Shari rallies ralles whenever conditions favor quick buick In out turns In the market will wil prove very immediate yet profitable pral table future to alert traders In the tle |
